Markets end flat on weak global cues

Markets end flat on weak global cues

New Delhi: The benchmark Sensex rebounded from opening losses to end flat, gaining only a minor 0.51% on Friday, 12 December as foreign fun bargains began near closing.

Markets had fell over 363 points in the morning on weak leads from Asia stocks that dipped as US Senate failed to pass $14 billion bailout for Detroit automakers.

The 30-share BSE index ended 44.61 points higher at 9,690.07 points.

The 50-share National Stock Exchange index Nifty, which had lost 107.60 points at opening ended 1.20 points higher at 2,921.35.

For the second day markets ended flat as bearish sentiment failed to grip after investors learnt of the 0.4% dip in India’s industrial production in October, the first fall reported since April 1995.

Top gainers in the week’s closing trade were IRB Infrastructure (16.21%, Rs106.45), Balrampur (11.92%, Rs40.85), Spice Telecommunications (10.43%, Rs36) and Bajaj Auto ( 10.39%, Rs393).

Information technology sectors were the main market losers with HCL losing by 7.37% to Rs107.15, TCS dipped by 5% to Rs482.25 and Wipro to Rs238.75 less by 4.52%.

Asian markets failed to surge from worries of economic uncertainties. Stocks plunged further as US auto rescue bill to revive General Motors, Ford and Chrysler failed to get Senate approval. Hong Kong’s index Hang Seng ended lower by 5% and Japan’s Nikkei by 5.56%.